Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
In the most recent episode of “The Market Report,” analyst and writer Marcel Pechman examines the BALD token rug pull and the accusations directed at FTX founder Sam “SBF” Bankman-Fried as the alleged perpetrator. The token was launched on Coinbase’s Base network, which is still in development, and experienced remarkable increases between July 30 and 31.
Pechman points out that it is difficult to ascertain the extent of artificial volume and the number of trades involving the same entity or small groups that were utilized to support BALD’s price on decentralized exchanges (DEXs). Additional support for this theory is the 85% price drop that occurred shortly after BALD’s developer withdrew the liquidity placed in DEX pools.
Related Posts
According to online investigators, the indications that SBF is the orchestrator of the rug pull include funding from wallets linked to FTX and Alameda Research, the fact that BALD’s developer was among the initial voters on proposals for the decentralized finance project SushiSwap, the language used in tweets, and DYDX farming activities.
While Pechman asserts that SBF undoubtedly possesses the technical expertise to create tokens and provide liquidity pools on DEXs, it remains uncertain what type of devices and internet access he currently has while under house arrest.
Next, the show shifts to another topic: Pechman analyzes why the recent rise of the U.S. Dollar Index from a one-year low could be a primary factor for Bitcoin’s (BTC) decline below $29,000. For Pechman, this reflects investors’ confidence in a soft landing by the United States Federal Reserve, suggesting that the recession will be mild.
Curious about Pechman’s thoughts on whether the U.S. government will manage to roll over and issue new debt in the latter half of 2023 and the implications for Bitcoin’s price? Find the answers in the latest episode of The Market Report, which is available exclusively on the new Cointelegraph Markets & Research YouTube channel.
